The real estate market recorded an 8% increase in the volume of transactions and a 1% increase in the value of deals in the first half of 2024 compared to the same period in 2023, according to comparative sales data from the Department of Land and Surveys, as processed and presented in the quarterly "Real Estate Market Bulletin" by the Council for Registration of Real Estate Agents.

However, there was a 2% decrease in the number of sales contracts filed in the first half of 2024 (7,553) compared to the same period in 2023 (7,689).

Specifically, according to the Council for Registration of Real Estate Agents, the first half of the year saw the completion of 9,374 transactions worth €2.07 billion, with 7,553 sales contracts submitted.

On a quarterly basis, the second quarter of the year recorded a 6.3% increase in transaction volume and a 14.6% increase in transaction value compared to the first quarter of 2024.

In detail, according to the Council for Registration of Real Estate Agents, the second quarter saw 4,831 transactions worth €1.1 billion. Sales contracts in the second quarter of the year (3,956) showed a 10% increase compared to the first quarter (3,597).

In the Nicosia district, according to the Council for Registration of Real Estate Agents, a total of 2,623 transactions were recorded, with a total value of €471.8 million. In the Limassol district, there were 2,417 transactions worth €677.6 million. In the Paphos district, 1,947 transactions worth €508 million were completed. In the Larnaca district, there were 1,791 transactions worth €308.6 million, and in the Famagusta district, 596 transactions worth €103.3 million.

Regarding sales contracts, Limassol recorded the highest volume (2,401) in the first half of 2024, followed by Nicosia (1,762). Larnaca (1,576) and Paphos (1,486) were close behind, with the free Famagusta district (328) rounding out the statistics for the first half.

In comparison to the same period in 2023, Nicosia recorded the highest annual increase (24%), followed by Larnaca (9%). Conversely, significant decreases were noted in Paphos (-16%), Limassol (-10%), and the free Famagusta district (-11%).

According to the announcement, the President of the Council for Registration of Real Estate Agents, Marinos Kineygeiros, stated that "the real estate market remains vibrant despite many challenges from both internal and external environments" and added that "the second quarter performed better than the first, which creates cautious optimism for the future."

He also noted that "the first half of 2024 lags somewhat compared to that of 2023, a fact that, as we have mentioned many times, is due to the impact of increased prices and inflation, which continues to erode citizens' disposable income."